Various anode materials have been widely studied to pursue higher performance for next generation lithium ion batteries (LIBs). Metal oxides hold the promise for high energy density of LIBs through conversion reactions. Among these, tin dioxide (SnO2) has been typically investigated after the reversible lithium storage of tin‐based oxides is reported by Idota and co‐workers in 1997. Numerous in/ex situ studies suggest that SnO2 stores Li+ through a conversion reaction and an alloying reaction. The difficulty of reversible conversion between Li2O and SnO2 is a great obstacle limiting the utilization of SnO2 with high theoretical capacity of 1494 mA h g−1. Thus, enhancing the reversibility of the conversion reaction has become the research emphasis in recent years. Here, taking SnO2 as a typical representative, the recent progress is summarized and insight into the reverse conversion reaction is elaborated. Promoting Li2O decomposition and maintaining high Sn/Li2O interface density are two effective approaches, which also provide implications for designing other metal oxide anodes. In addition, some in/ex situ characterizations focusing on the conversion reaction are emphatically introduced. This review, from the viewpoint of material design and advanced characterizations, aims to provide a comprehensive understanding and shed light on the development of reversible metal oxide electrodes.